Metallica Minerals is an Australian resource development company focused on nickel-cobalt-scandium and zircon-rutile projects. Its core project is the NORNICO nickel-cobalt-scandium project in Queensland, which has completed extensive exploration defining over 50 million tonnes of nickel-cobalt resources containing over 400,000 tonnes of nickel and 44,000 tonnes of cobalt, as well as a scandium resource containing over 3,000 tonnes of scandium oxide. Metallica also holds the option to acquire the large Gippsland zircon-titanium minerals project in Victoria with an initial inferred resource of 1.7 billion tonnes at 2.2

1. Queensland Explorer of the Year - 2011
An Australian
 Nickel-Cobalt & Scandium
 Zircon & Rutile HMS
Resource Development Company
Symposium, Broken Hill
Stewart Hagan
22nd May 2012

2. Disclaimer
Statements & material contained in this presentation, particularly those regarding possible or assumed future performance, production levels or rates, metal prices, metal
markets, resources or potential growth of Metallica Minerals Ltd, industry growth or other trend projections are, or may be, Forward Looking Statements. Such
statements relate to future events & expectations &, as such, involve known & unknown risks & uncertainties.
The NORNICO Nickel-Cobalt & Scandium Project, Lucky Break Nickel Projects, the Weipa & Gippsland Heavy Mineral Sands projects are at the evaluation & feasibility stage
& although reasonable care has been taken to ensure that the facts stated in this presentation are accurate & or that the opinions expressed are fair & reasonable, no reliance
can be placed for any purpose whatsoever on the information contained in this document or on its completeness.
Actual results & developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors.
At the date of this presentation Metallica Minerals holds approximately 30.8% of MetroCoal Limited which listed on the ASX on 4 December 2009, further information can be
sourced from metrocoal.com.au
At the date of this presentation Metallica Minerals holds approximately 19.1% of Cape Alumina Ltd which listed on the ASX on 29 January 2009 & latest & more detailed
information can be sourced from Cape Alumina & capealumina.com.au
At the date of this presentation Metallica Minerals holds approximately 15.7% of Orion Metals Limited, further information can be sourced from orionmetals.com.au
At the date of this presentation Metallica Minerals holds approximately 37% of Planet Metals Limited, further information can be sourced from planetmetals.com.au
Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
This material is used for a company summary presentation only, for more detailed information the reviewer should seek company information as provided in Metallica’s ASX
releases, Annual & Quarterly Reports.
Technical information contained in this report has been compiled by Metallica Minerals Managing Director Mr Andrew Gillies B.Sc. M. AUSIMM & Metallica Minerals Ltd, who
is a competent person & a member of the Australasian Institute of Mining & Metallurgy & have relevant experience to the mineralisation being reported on to qualify as
Competent Persons as defined by the Australasian Code for Reporting of Minerals Resources & Reserves. Mr Gillies consents to the inclusion in this presentation of the
matters based on the information in the form & context in which it appears.

3. MLM Financial Overview
Financial Information (27 April 2012) Major Shareholders
Share price 0.25c Jien Mining Pty Ltd** 19.0%
Shares on Issue 132.4M Golden Breed Pty Ltd 7.3%
Market Cap $33.7M Victorian Ferries Pty Ltd 4.5%
Cash Position $10.5M RCF (Funds III LI & IV LP) 3.9%
ASX Investments* ~$32.2M Bondline Ltd 3.8%
Cash & Listed Inv. per share 0.32c Top 20 shareholders 55.4%
*see investment slide at the back of this presentation ** Subsidiary of Jilin Nickel Co. Limited
MLM: 12 Month Trading History
0.60 6.0
0.50 5.0
0.40 4.0
Volume (M)
Price (A$)
0.30 3.0
0.20 2.0
0.10 1.0
0.00 0.0
May-11 Jul-11 Oct-11 Jan-12 Apr-12
Cash & listed ASX investments provide financial confidence to advance core projects
3

4. Board of Directors (5) & CEO
Name Position Background Experience
David Barwick Non-Executive Chairman Financial / Corporate 40+ years
Andrew Gillies Managing Director Geology / Mining 25+ years
John Haley CFO / Director / Company Secretary Financial 25+ years
Barry Casson Non-Executive Director Financial / Corporate 40+ years
Wu Shu (Tao Li
Non-Executive Director Engineering 30+ years
– Alternate)
Gavin Becker CEO Metallurgy / Engineering 30+ years
(L-R): Gavin Becker, Barry Casson, John Haley,
David Barwick, Andrew Gillies, Tao Li
Experienced, talented & dedicated Board & Management team
Focussed on delivering value to shareholders
4

5. Metallica Minerals 3 Asset Groups
1. NORNICO “Tri Metal”
Nickel–Cobalt & Scandium Project
2. Zircon Rutile Heavy Mineral Sands Projects
 Weipa HMS – 100% owned
 Gippsland Zircon Ti Minerals HMS –
Option to Acquire 100% from Rio Tinto
3. Cash & Listed Investments ~$42M (27 April 2012)
5

6. Core Project Assets: Nickel-Cobalt-Scandium
& Zircon-Rutile
Vision
Become a highly
successful Australian
mineral resource
developer, a profitable
producer of Nickel -
Cobalt - Scandium &
Zircon - Rutile and
deliver high returns for
shareholders
6

7. NORNICO: Project Overview
 100% owned Tri-metal project – nickel, cobalt & scandium
 Excellent location, infrastructure & processing site
 Ni-Co + Sc oretypes are highly amenable to HPAL extraction
 Completed extensive exploration & resource definition
program based on >4,000 drill holes
Ni-Co resource 50.3Mt @ 0.81%Ni, 0.09% Co (406,000t
Ni & 44,000t Co) (~90% in Indicated & Measured
category)
PLUS
Scandium resource 16.8Mt @ 130g/t Sc (3,250t Sc2O3)
 Scoping Study (+35%) advanced – Completion June 12
(see page 24 and Appendix 1 for detailed resource tables)
The discovery of scandium within Ni-Co deposits provides Metallica with an exciting
opportunity to become the world’s pre-eminent supplier of scandium oxide
7

8. NORNICO: Delivering Scandium - Element 21 “The Enhancer”
Scandium is one of the 17 Rare Earth Elements and priced over $1,500/kg Sc oxide
Fuel Cells
(up to 85% energy efficiency)
Aluminium-Scandium Alloys
Aerospace (light, high strength alloy frames)
Scandia Stabilised
Zirconia
Lighting
Scandium has unique properties that will enhance our future –
A major & reliable supply could underpin a significant increase in scandium’s usage & application
8

9. NORNICO: Scandium Uses
Product Application of scandium
Scandium – Aluminium  Small quantity of scandium (0.2-0.5%) significantly increases the strength of aluminium
Alloys alloys – important for transport (lightness) & structural (strength) applications
 Scandium significantly improves weldability, corrosion resistance & reduces heat
cracking
 Stronger & lighter frames can deliver significant benefits to industry
(aerospace, marine craft, cars, sporting goods, bicycles, construction, etc)
 Scandium super alloys provide the highest strength-to-weight ratio of any ally
commonly used today
Solid Oxide Fuel Cells  SOFCs allow natural gas (or other fuel source) chemically converted to electricity, heat,
(SOFC) water & CO2 with up to 85% efficiency
 Scandium Stabilized Zirconia (SSZ) most efficient SOFC & at lower temperature
(performance gains) & extended life for SOFC’s
 SOFC on-site electricity generators sized for home, business or town (gas connected)
& selling excess electricity to grid
 SOFC using SSZ technology coinciding with increasing gas availability network
Lighting  Scandium in metal halide vapour lamps contributes a large number of spectral
emission lines to the light, giving it a natural white light or sunlight appearance
 The light is brighter (more lumens per watt) & is a more efficient form of lighting
 Commonly used on movie sets & sport stadiums to create artificial sunlight
appearance
9

10. NORNICO: Planning The Way Forward
2012 2013 2014 2015
Milestones 2010 2011
Mar Q Jun Q Sep Q Dec QMar Q Jun Q Sep Q Dec QMar Q Jun Q Sep Q Dec QMar Q Jun Q Sep Q Dec Q
Exploration Program / Resource Delineation   
Concept Study  
HPAL pilot testwork / SX extraction (Sc focus)
Metallurgical Testing (ongoing)
Scoping Study (750ktpa)
Environmental Studies
Prefeasibility Study
Scandium Marketing & Offtake Arrangement
Bankable Feasibility Study
Funding / Financial Close
Design Phase
Development / Construction
Commissioning / Operation
1H 2012 – Key Activities Planned / WIP
 HPAL continuous piloting – provide Sc2O3 product for marketing + patent process commenced  Completed
 Scoping Study commenced Commenced
 Greenvale stockpile sampling & beneficiation studies
 Environmental Impact Statement (EIS) – commenced
 Greenvale MLA & progress permitting
10

11. Zircon-Ti Minerals: Gippsland HMS Project Overview
A Major New Zr-Ti Minerals HMS Resource
 In August 2011, Metallica acquired an option to
purchase the Gippsland Heavy Mineral Sands
(HMS) project from Rio Tinto
 12 month option to acquire 100% for $8M
 Advanced exploration project
 Nine tenements covering over 620km2 of Pliocene
fossil HMS strandlines
 12,700m of RC drilling (232 holes) completed to
date by Rio Tinto Exploration & 43 Aircore holes
completed by MLM Jan 2012
 Maiden JORC Inferred Mineral Resource
announced April 2012
 1.7Bt @ 2.2%THM* for 38Mt contained HM
 Inc: Higher grade zone 360Mt @ 2.7% THM for
9.7Mt contained HM** (see page 13)
*THM – Total Heavy Mineral
**HM – Heavy Mineral
Medium grade, large tonnage resource with significant zircon in mineral assemblage
11

12. Zircon-Ti Minerals: Gippsland HMS Project
MLM Drill Results (Mar 2012)
Hole 510
33m @ 3.02%THM
Inc. 4.5m @ 5.62% THM
Hole 513
51m @ 2.89%THM
Inc. 7.5m @ 5.18% THM
Hole 514
51m @ 3.09%THM
Inc. 7.5m @ 6.27% THM
Hole 504
48m @ 2.90%THM
Inc. 6.0m @ 4.90% THM
12

13. Zircon-Ti Minerals: Gippsland HMS Project
Mineral Resource
 Total JORC Inferred Mineral Resource (cut-off grade of 1% THM)
Resource Category Tonnes THM Slimes <38 μm Contained HM
(Mt) (%) (%) (Mt)
Inferred 1,700 2.2% 24.4% 38
 Including high grade zone with closer spaced drilling (cut-off grade of 1% THM)
Tonnes Contained HMS Mineral Assemblage (Inferred)
(Mt) (HM) Zircon (%) Rutile (%) Combined Titanium Monazite (%)
Materials (%)
360 2.7% 15% 4% 50% 0.6%
Tonnes Contained Contained HMS Mineral Assemblage (Inferred)
(Mt) (HM) Zircon (kt) Rutile (kt) Combined Titanium Monazite (kt)
Materials (kt)
360 2.7% 1,420 400 4,760 60
Notes:
1. The Mineral Resource was estimated by AMC Consultants and reported according to the JORC Code and guidelines (JORC,2004)
2. Tables may contain arithmetic errors due to rounding.
3. The Mineral Assemblage data is reported as the percentage of the Total Heavy Mineral (THM) component and is classified as
4. Inferred due to limited data available
5. Combined Titanium Materials consists of leucoxene, altered ilmenite and ilmenite.
6. THM and Contained HM also include other non-valuable minerals. As such, the Contained Mineral Assemblage does not sum tothe Contained HM.
For further information see ASX release dated 26 April 2012.
13

14. Zircon-Ti Minerals: Gippsland HMS Project
Resource Outline
Total Inferred
Resource
1.7 Billion tonnes @
2.2% THM (see page 13)
Orange Zone
Inferred Resource:
360Mt @ 2.7% THM
inc 15% zircon, 4%
rutile and 50%
combined titanium
minerals (see page 13)
Inferred Mineral Resource: without an HMS
assemblage estimate
Inferred HMS assemblage Mineral Resource
50km2 Area –
HMS Resource
14

15. Zircon-Ti Minerals: Gippsland HMS Project
Block Model Resource Cross Section
Extensive thick zones of
>1% THM
15

16. Zircon-Ti Minerals: Gippsland HMS Project
Next Steps
April 2012
 Maiden JORC Resource (AMC) 
 Commissioned & commenced Scoping Study (R.J. Robbins) 
May 2012
 Metallurgical testwork including slimes (R.J. Robbins)
 Marketing report – Zircon & Ti Mineral product specifications (TZMI)
 Initial mineable resource & mining studies (AMC)
June 2012
 Complete Scoping Study (R.J. Robbins)
July 2012
 Finalise due diligence (Acquisition of Gippsland project)
August 2012
 Board approval decision (on exercising option to purchase the Gippsland project)
16

17. Zircon: Supply / Demand
Forecast
20% shortfall
by 2020
Source: TZMI
Robust fundamentals for the zircon sector
Outlook for zircon appears excellent
17

18. Zircon-Rutile: Weipa HMS Project Overview
 Weipa Heavy Mineral Sands (HMS) – Zircon & Rutile
Project (100% owned) in Cape York, Queensland
 Urquhart Point Mining Lease applied for over shallow
(<3m) high grade (~7% THM) Zircon-Rutile deposit
 Zircon + Rutile >40% HMS
 Over 2,000sq km of EPM’s/EPMA’s
 Feasibility & EIS process advanced
 Zircon-Rutile production targeted late 2013 subject to
feasibility, permitting and financing
Opportunity for cashflow generation late 2013
18

19. Zircon-Rutile: Weipa HMS Project – Next Steps
WEIPA HMS
 Mining Lease application submitted, permitting - ongoing
 TLO Compensation negotiations & EIS submitted - ongoing
 Feasibility Study – completion expected mid 2012
 Subject to feasibility, permitting and financing – potential Zircon-Rutile
production start - late 2013
(Capitalise on high forecast zircon-rutile demand & prices)
19

20. Strong Financial Position
Platform to Deliver Value to Shareholders
ASX Commodity Company MLM No. Shares Share Market Value ($)
Code % MLM hold Price
MTE Coal MetroCoal 30.8% 64,300,000 39.5c $25.3M
176,683,663
CBX Bauxite Cape Alumina 19.1% 26,867,621 16.0c $4.3M
140,800,900
PMQ Copper Gold Planet Metals 37.0% 22,069,619 6.8c $1.5M
59,717,114
ORM Gold & Orion Metals 15.7% 12,552,658 9.2c $1.1M
REE’s 79,597,443
Total Listed Investments $32.2M
Approximate Cash at Bank (27/04/2012)* $10.5M
Cash & Total Listed Investments $42.7M
Shares on Issue 132.4M
MLM Cash & Listed Investments/share $0.32
MLM share price (27/04/2012) $0.25
MLM Market Cap $33.7M
 Cash + Listed assets alone ($43M) > Market cap ($34M) *Includes $1M loan drawdown, with $4M remaining on facility
 Strong financial position
 Future value drivers & growth: NORNICO + Zircon-Rutile HMS projects
Metallica is dedicated to realising the underlying value of its mineral resources
to generate significant returns for shareholders
20

21. Summary Metallica Minerals 3 Asset Groups
1. NORNICO “Tri Metal”
Nickel–Cobalt & Scandium Project
2. Zircon Rutile Heavy Mineral Sands Projects
 Weipa HMS – 100% owned
 Gippsland Zircon Ti Minerals HMS –
Option to Acquire 100% from Rio Tinto
3. Cash & Listed Investments ~$42M (27 April 2012)
21

22. Metallica has a clear strategy for major growth
“Discover the hidden value in MLM”

23. Competent Persons Statement
Technical information & exploration results contained in this report has been compiled by Metallica
Minerals Ltd full time employee Andrew Gillies (B.Sc Geology) in the position of Managing Director. Mr
Gillies is a member of the Australasian Institute of Mining & Metallurgy & has relevant experience to the
mineralisation being reported on to qualify as Competent Persons as defined by the Australasian Code for
Reporting of Minerals Resources & Reserves. Mr Gillies consents to the inclusion in this report of the
matters based on the information in the form & context in which it appears
The NORNICO Nickel-Cobalt & scandium project Mineral Resource estimate(s) is based upon &
accurately reflects data compiled, validated or supervised by Mr John Horton, Principal Geologist, who is a
Fellow of the Australasian Institute of Mining & Metallurgy & a full time employee of Golder Associates Pty
Ltd. Mr Horton has sufficient experience that is relevant to the style of mineralisation & the type of deposit
under consideration & to the activity which he has undertaken to qualify as a Competent Person as
defined in the 2004 edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral
Resources & Ore Reserves’. Mr. Horton consents to the inclusion of this information in the form & context
in which it appears in this document.
The Gippsland Zircon-Rutile HMS Project Mineral Resource estimates have been prepared by Mr
Rodney Webster of AMC Consultants. Mr Webster BappSc, who is a competent person and a member of
the Australasian Institute of Mining and Metallurgy and has relevant experience in the style of
mineralisation being reported on to qualify as Competent Person as defined by the Australasian Code for
Reporting of Minerals Resources and Reserves. Mr Webster consents to the inclusion in this presentation
of the matters based on the information in the form and context in which it appears.

24. NORNICO: Scandium & Ni-Co Resource Statement
(Updated 21st February 2012)
Scandium Resource Statement Nickel-Cobalt Resource Statement (see Appendix I)
Description Tonnes Sc Sc Metal Description Tonnes Ni Co Ni Metal Co Metal
(Mt) (g/t) (t) (Mt) (%) (%) (kt) (kt)
Kokomo
Greenvale 8.0 1.04 0.08 83 6.6
Measured 0.7 154 108 Lucknow 3.6 0.57 0.19 21 6.8
Indicated 3.8 121 460 Kokomo 16.3 0.67 0.12 108 19.4
Sub-total M&I 4.5 126 568 Bell Creek S 9.1 0.97 0.07 88 6.3
Inferred 4.4 91 400 Bell Creek N 2.3 0.83 0.03 19 0.7
Total 9.0 109 968 Bell Creek NW 3.1 0.77 0.05 24 1.5
Lucknow The Neck 0.8 0.84 0.03 7 0.3
Measured 0.6 190 116 Minnamoolka 7.1 0.80 0.04 56 2.6
TOTAL 50.3 0.81 0.09 406 44.2
Indicated 6.9 153 1,065
Notes:
Sub-total M&I 7.5 156 1,181 1. Scandium resource & nickel-cobalt resource are considered separately (no double counting)
2. Scandium resource reported at a cut-off grade of 70g/t Sc
Inferred 0.3 99 26 3. The resources for Greenvale and Lucknow are reported at a cut-off grade (COG) of NiEq 0.7% (Ni
Total 7.8 154 1,207 + 2Co). This NiEq COG formula has been calculated using commodity prices of US$10/lb nickel
and US$20/lb cobalt, and recoveries of 90% for both nickel and cobalt.
Combined Total The resources for Kokomo, Bell Creek South, Bell Creek North, Bell Creek Northwest,
Minnamoolka and The Neck are reported at a COG of NiEq 0.7% (Ni + 3Co). This NiEq COG
Measured 1.3 171 223 formula has been calculated using commodity prices of US$10/lb nickel and US$30/lb cobalt, and
Indicated 10.7 142 1,525 recoveries of 90% for both nickel and cobalt.
The rationale for using different formulas is because these resource estimates were calculated at
Sub-total M&I 12.0 145 1,748 different points in time. The commodity prices adopted in each instance were considered
reasonable at the time of calculation. It should be noted that the spot price for nickel and cobalt
Inferred 4.7 91 427 varies constantly. The rationale in using a NiEq COG is to ensure that both significant nickel and
TOTAL 16.8 130 2,175 cobalt mineralisation are encapsulated in the resource estimate.
From Metallica's metallurgical testwork to date, there is reasonable expectation for the nickel and
cobalt to be recovered at similar recoveries to those achieved in testwork. Table contains minor
rounding errors.
4. For more detailed information on the Lucknow resource, please see MLM ASX release dated
21 Feb 2012
5. For more detailed information on the NORNICO Ni-Co resource, please see appendix 1 at the end
of this presentation
Nickel-cobalt material can be supported by high grade scandium material feed
(and vice-versa)
24

25. NORNICO Ni-Co Resource Base – Appendix I
(updated 21 Feb 2012 with new Lucknow Ni-Co Resource)
Million Tonnes Ni Co Fe Mg In situ contained In situ contained
Nickel Deposit
(Mt) (%) (%) (%) (%) Ni (t) Co (t)
Greenvale Mine Site
Measured 2.6 1.08 0.09 22.0 3.9 28.4 2.4
Indicated 4.5 1.03 0.08 21.0 4.5 46.0 3.6
Inferred 0.9 0.99 0.07 19.0 5.5 8.9 0.6
Totals 8.0 1.04 0.08 21.1 4.4 83.3 6.6
Lucknow
Measured 0.9 0.65 0.17 24.5 2.2 5.6 1.5
Indicated 2.3 0.54 0.20 23.6 2.0 12.5 4.7
Inferred 0.4 0.60 0.13 28.8 2.0 2.5 0.6
Totals 3.6 0.57 0.19 24.4 2.1 20.6 6.8
Kokomo
Measured 1.3 0.81 0.17 20.4 4.6 10.5 2.2
Indicated 11.7 0.66 0.12 21.9 3.2 77.2 14.0
Inferred 3.2 0.63 0.10 19.1 3.0 20.2 3.2
Totals 16.3 0.67 0.12 21.2 3.3 107.9 19.4
Bell Creek South
Measured 8.9 0.97 0.07 11.7 7.5 85.8 6.2
Indicated 0.3 0.83 0.04 8.5 9.1 2.2 0.1
Inferred - -
Totals 9.1 0.97 0.07 11.6 7.5 88.0 6.3
Bell Creek North
Measured - -
Indicated 2.3 0.83 0.03 8.6 7.7 19.1 0.7
Inferred - -
Totals 2.3 0.83 0.03 8.6 7.7 19.1 0.7
Bell Creek Northwest
Measured - -
Indicated 3.1 0.77 0.05 15.7 5.2 23.6 1.5
Inferred - -
Totals 3.1 0.77 0.05 15.7 5.2 23.6 1.5
(Continued next page)

26. NORNICO Ni-Co Resource Base – Appendix I (cont’d)
(updated 21 Feb 2012 with new Lucknow Ni-Co Resource)
Million Tonnes Ni Co Fe Mg In situ contained In situ contained
Nickel Deposit
(Mt) (%) (%) (%) (%) Ni (t) Co (t)
Minnamoolka
Measured - -
Indicated 5.9 0.80 0.04 11.3 10.6 47.4 2.4
Inferred 1.2 0.78 0.02 8.9 10.2 9.0 0.2
Totals 7.1 0.80 0.04 10.9 10.5 56.4 2.6
The Neck
Measured - -
Indicated 0.8 0.84 0.03 8.8 6.5 7.1 0.3
Inferred - -
Totals 0.8 0.84 0.03 8.8 6.5 7.1 0.3
COMBINED NORNICO RESOURCE
Measured 13.6 0.96 0.09 15.3 6.2 130.3 12.3
Indicated 30.9 0.76 0.09 17.8 5.4 235.1 27.3
Inferred 5.7 0.72 0.08 17.7 4.8 40.6 4.6
TOTAL 50.3 0.81 0.09 17.1 5.5 406.0 44.2
Notes: Competent Persons Statement located at the end of this presentation
1.The resources for Greenvale and Lucknow are reported at a cut-off grade (COG) of NiEq 0.7% (Ni + 2Co). This NiEq COG formula has been calculated using commodity prices of US$10/lb nickel and
US$20/lb cobalt, and recoveries of 90% for both nickel and cobalt.
The resources for Kokomo, Bell Creek South, Bell Creek North, Bell Creek Northwest, Minnamoolka and The Neck are reported at a COG of NiEq 0.7% (Ni + 3Co). This NiEq COG formula has been
calculated using commodity prices of US$10/lb nickel and US$30/lb cobalt, and recoveries of 90% for both nickel and cobalt.
The rationale for using different formulas is because these resource estimates were calculated at different points in time. The commodity prices adopted in each instance were considered reasonable at
the time of calculation. It should be noted that the spot price for nickel and cobalt varies constantly. The rationale in using a NiEq COG is to ensure that both significant nickel and cobalt mineralisation
are encapsulated in the resource estimate.
From Metallica's metallurgical testwork to date, it is of the opinion that there is reasonable potential for the nickel and cobalt to be recovered and similar recoveries to those assumed have been achieved
in testwork. Block models for the above resources estimates were constructed by filling wire frame surfaces representing nickel laterite mineralisation boundary with 10m by 10m by 1m blocks. Nickel
(Ni) grades were estimated by ordinary riging using various search radius, depending on the drill spacing of the deposit. A minimum of 4 and a maximum of 15 composites were used to estimate each
block, with a maximum of 3 composites from any 1 drill hole. Therefore, at least 3 drill holes were used to estimate block grade values. At Bell Creek South, Minnamoolka and Kokomo a nominal 0.3%
Ni mineralised envelope was used as a hard boundary for Ni and Co block grade estimation. Hard boundaries were also used between the laterite and basement zones.
3. Variations due to rounding factors.
4. Iron (Fe) and magnesium (Mg) are included to indicate the overall ore quality, as both metals influence acid consumption as well as dissolved Fe, Mg and other metals, which are contaminants to nickel
loaded pregnant solution which is treated to produce a marketable nickel and cobalt intermediate product. As a rule, the lower the Fe and Mg in the laterite ore the better metallurgy and the ore is more
suited to heap leach processing.